Assessment of H.B. 1257 – Real Property Taxes

This specific bill is aimed at providing relief for all taxpayers who have been affected by a natural disaster. H.B. 1257 allows those individuals who own a home to continue a homestead exemption for the structure left that was uninhabitable or unusable by a casualty while the individual who owns the home and/ or land where a home once stood, constructs a replacement. This bill also conserves homestead protections for all individuals who own a home who were displaced by a natural disaster as well as provides a certain amount of aid to small businesses who receive less than $5 million in gross receipts that have suffered similar disaster damage by allowing compensation of property in installments.

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